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the fiscal cliff. but right now they're miles apart and digging in their heels. president obama told bloomberg tv a deal is possible, but -- >> unfortunately the speaker's proposal right now is still out of balance. >> reporter: that plan sent to the white house offers a total of $2.2 trillion in deficit reduction over the next decade. that includes $1.2 trillion in spending cuts and $800 billion in new tax revenue, but here's the key. no rate increases in the top 2% of taxpayers. that's non-negotiable for president obama. >> we're not going to be able to got a deal without it. >> reporter: the white house says the republicans' math just doesn't add up. >> it's magic beans and fairy dust. >> reporter: negotiations have reached a stalemate. >> there's nothing going on privately that is not going on publicly. >> reporter: there is no plan at this time for congressional leaders to meet with the president at the white house, and it doesn't sound like he's sending out invitations any time soon. >> i don't think that the issue right now has to do with sitting in a room. >> reporter: earlie
cliff, 34 days left for congress to make a deal, which will prevent taxes from rising on everyone. including the middle class. and all day, americans around the country were sending a message, telling washington to get to work and get a job done. here's abc's senior white house correspondent jake tapper with the story. >> reporter: president obama today continued his public relations push, surrounding himself with supporters who wrote the white house, saying they do not want to see a tax increase on the middle class. it's all part of a move to rachet up pressure on republicans in congress to reach a deal before the nation goes off the so-called fiscal cliff, which would increase taxes for the average family by $2,200. >> that means less money for buying groceries, less money for filling prescriptions, less money for buying diapers. it means a tougher choice between paying the rent and paying tuition. >> reporter: but house republicans will not relent on their opposition to any plan that would raise taxes on the wealthy. >> you're not going to grow the economy if you raise tax rate
're not going to reach some sort of deal to avoid the fiscal cliff? i mean that would be so unpopular across the nation. >> you would -- if you can take an action that would solve the problem for 98% of the country and then come back to the debate about the wealthiest 2%, let's get that first chunk done. republicans fear they could lose leverage if they cave in on the middle-class issue. apparently the president, his team has made increased demand here including, a provision now, part of the negotiations where, the congressional control over the debt limit would go away. and congress does not like to have its power take any way. so maybe the white house, upped the ante and played the stronger card and has republicans balking, according to reporting by "the washington post." that's a new element, all of that, that could prove interesting because it's stripping congressional control. and we just had the big debate over the debt ceiling. >> exactly. >> interesting. the clock is ticking, fellows, for sure. >>> speaking of money, extending jobless benefits for the long-term unemployed could help
, of a potential compromise there to avoid the so called fiscal cliff that would raise taxes on a typical american family by some $2,200. republican congressman tom cole, of oklahoma, is urging republicans to accept president obama's deal and allow the bush-era tax cuts on the wealthy to expire for now. so tax cuts for the middle class can stay in effect. but house speaker john boehner remains opposed, saying a tax hike on the wealthy will hurt the economy. >>> today, president obama is hosting mitt romney at the white house for a private lunch. after the election, the president promised to reach out to romney for his ideas. >>> and overseas, the u.s. could be getting more involved in the civil war in syria. "the new york times" is reporting the obama administration is considering options, including arming the rebel fighters there who have made progress in recent days in battling bashar al assad's forces. >>> and more trouble for president obama's expected nominee for secretary of state. susan collins says she will not back rice for the job, until more questions on the attack on the u.s. consulate
pockets, i guess. >>> now, the stalemate in washington over the fiscal cliff. everyone's taxes are set to go up in just over a month if congress and the white house fail to reach a deal. and the talks blew up yesterday, after republicans dismissed the latest offer from secretary tim geithner. just listen to house speaker john boehner and senate majority leader, harry reid. >> listen this is not a game. jobs are on the line. the american economy is on the line. and this is a moment for adult leadership. >> i don't understand his brain. so, you should ask him. okay? >> tough words there. abc's jon karl is covering this all from capitol hill. jon, as we said, senate republican leader mitch mcconnell says he laughed out loud at geithner's offer. break down the offer from the white house and the republican objections. >> reporter: not only did he laugh out loud, the speaker saying it's unrealistic. the key is $1.6 trillion in tax increases over the next ten years. $50 billion in additional stimulus spending. $400 billion in medicare cuts. but unspecified over the next ten years. and effecti
by the fiscal cliff, at least 200,000 fewer jobs have been created this year. the official deadline is december 31st at midnight when the ball drops in times square. the deadline is before that, a week from friday when the house of representatives is scheduled to go on vacation. in actuality there are fewer than 11 days before they need to work out a deal. jake tapper, abc new, the white house. >> that's scary, 11 days. fellows you sit up there until it gets wrapped up. quick synopsis, gop, $800 billion in revenue through tax reform on the table. that's not what the white house wants. they want tax rates to go up as oppose to revenue going up which would include closing some loopholes. kind of one of the sticking points. >> and speaker of the house john boehner sent a nice little hallmark card, a letter to the president. i want to read you an excerpt. he set the american people rightly expect both parties to come together on a fair middle ground and address the nation's most pressing challenges. the proposal calls for $1.6 trillion in new tax revenue, twice the amount you supported during the c
Search Results 0 to 5 of about 6